Sheldon Adelson Sets New US Political Donation Record: Report

Reuters

FILE - This July 29, 2012 file photo shows American businessman Sheldon Adelson, is shown in Jerusalem, Israel. A Democratic party group retracted statements and apologized to billionaire Las Vegas casino mogul Adelson on Aug. 2, 2012, for what it called unsubstantiated claims that he encouraged and profited from prostitution at his company casinos in Macau, a Chinese gambling enclave. (AP Photo/Charles Dharapak, File)

WASHINGTON, Sept 24 (Reuters) - U.S. billionaire casino magnate Sheldon Adelson has set a new record in political donations by giving $70 million to help Republicans in the 2012 elections, nearly triple the previous highest amount, according to news outlet Politico on Monday.

Adelson, 79-year-old chairman of Las Vegas Sands Corp , has come to symbolize a new era in U.S. campaign finance that affords great power to individual wealthy donors through unlimited-spending outside "Super PAC" groups. These groups finance millions of dollars worth of advertising on candidates' behalf.

In a rare interview with a mainstream media outlet, Adelson told Politico he planned to spend up to $100 million -- "whatever it takes" -- to defeat President Barack Obama on Nov. 6, a stance he also made to Forbes magazine in June.

According to disclosures filed with the Federal Election Commission, Adelson and his wife, Miriam, have contributed about $37 million, almost all of it to Super PACs backing Republican presidential candidate Mitt Romney, primary rival Newt Gingrich and party peers running for seats in the U.S. Senate and House of Representatives.

The rest of the $70 million presumably went into tax-exempt organizations that are not required to disclose donors. Politico reported that tax-exempt groups received $20 million to $30 million of Adelson's money but did not give further details.

Forbes magazine estimates Adelson's fortune to be $20.5 billion, much of it thanks to the exploding casino operations in Macau in China -- which are focus of a series of lawsuits and investigations in the United States and Macau.

The previous election-spending record was held by liberal billionaire financier George Soros, who has estimated he spent $27.5 million in 2004, giving to outside groups in a failed effort to defeat Republican President George W. Bush.

Adelson is credited with almost single-handedly propping up the failed presidential run of former House Speaker Gingrich as he and his various family members fed some $20 million into Winning Our Future, a Super PAC that aired attack ads against Romney and other Republicans vying for the party nomination.

Sheldon and Miriam Adelson have given $10 million to the pro-Romney Super PAC Restore Our Future; $5 million to YG Action Fund, run by former aides of House Majority Leader Eric Cantor; and another $5 million to Congressional Leadership Fund, linked to House Speaker John Boehner, among other donations disclosed to the FEC.

Sheldon Adelson, the Las Vegas casino magnate, and his family have combined to give $53.69 million to super PACs in the 2012 election cycle. At first, Adelson pumped money into Winning Our Future, the super PAC supporting Newt Gingrich, but now he is funding groups backing Mitt Romney and congressional Republicans. Adelson is ranked on the <em>Forbes</em> list of the richest Americans at number eight, with $21.5 billion in net worth.
Sheldon Adelson and his wife, Miriam, gave $15 million to Winning Our Future. His daughters Sivan Ochshorn and Shelley Maye Adelson each chipped in $500,000. Another daughter and her husband each gave $250,000.
Adelson and his wife have also given $20 million to Restore Our Future (supporting Romney), $5 million to Congressional Leadership Fund, $5 million to YG Action Fund, $2 million to Freedom PAC (supporting Connie Mack), $1.5 million to Independence Virginia PAC (supporting George Allen), $1 million to Ending Spending Action Fund, $1 million to Treasure Coast Jobs Coalition, $1 million to Patriot Prosperity PAC (supporting Shmuley Boteach for Congress) and $250,000 to Conservative Renewal PAC, $250,000 to Texas Conservatives Fund (both supporting David Dewhurst) and $190,000 to Hispanic Leadership Fund.
Adelson remained in the number one spot among super PAC donors after counting contributions for August. He has allegedly <a href="http://www.huffingtonpost.com/2012/06/16/sheldon-adelson-to-lavish_n_1600149.html">given in excess of $70 million</a> when contributions to non-profit groups like Americans for Prosperity and the Republican Jewish Coalition are included.
His involvement in politics revolves around his support for the state of Israel, <a href="http://www.huffingtonpost.com/2012/01/11/sheldon-adelson-newt-gingrich-israel_n_1195867.html" target="_hplink">in particular the policies of Prime Minister Benjamin Netanyahu</a>. His business, along with that of other super PAC donors, <a href="http://www.huffingtonpost.com/2012/06/18/sheldon-adelson-bribery-super-pac-donors-fcpa_n_1602694.html" target="_hplink">is also under investigation</a> for violations of the Foreign Corrupt Practices Act.